TURKEY IN SERIOUS FINANCIAL TROUBLE AS RESERVE CURRENCY PLUMMETS: THEY RAISE RATES TO STEM THE FALL IN THE LIRA

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by Harvey Organ, Harvey Organ Blog:

GOLD UP $9.30 TO $1874.30//SILVER UP 15 CENTS TO $23.15//GOLD TONNAGE AT COMEX: 14.9 TONNES//SILVER OZ STANDING: 54.4 MILLION OZ//CORONAVIRUS UPDATE THE GLOBE//TURKEY IN SERIOUS FINANCIAL TROUBLE AS RESERVE CURRENCY PLUMMETS: THEY RAISE RATES TO STEM THE FALL IN THE LIRA//IN THE USA 870,000 NEW UNEMPLOYMENT BENEFIT CLAIMS//NO TALKS BETWEEN MNUCHIN AND PELOSI

GOLD:$1874.30  UP $9.30   The quote is London spot price

Silver:$23.15 UP  $0.15   London spot price ( cash market)

Despite the fact that the comex expiry is tomorrow, both gold and silver held up quite well. The front month of October in gold refuses to contract in numbers.  Gold tonnage at the comex continues to advance as well as silver.

In USA economic news, we still do not have any deal between Mnuchin and Pelosi and it is this deal that everybody is waiting for. Unemployment benefits both initial and continual rose again this past week

comex option expiry FRIDAY: Sept 25

LBMA/OTC options expiry:  Sept 30

It is going to be an interesting week…

your data…

Closing access prices:  London spot

i)Gold : $1868.70  LONDON SPOT  4:30 pm

 

ii)SILVER:  $23.18//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

OCT GOLD:  1870.30  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $4.00 BACKWARD//  VERY CHEAP@!! THIS IS A MAGNET TO ATTRACT THOSE WILLING TO PURCHASE AND THEN TAKE DELIVERY OF METAL.

 

DEC. GOLD  $1879.10   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $4.90/ CONTANGO   ( $1.90 BELOW NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $23.15…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 0 CENTS CONTANGO//  NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $23.33  1:30  PM SPREAD SPOT/FUTURE DEC.       :   18  CENTS PER OZ  CONTANGO ( 12 CENTS ABOVE NORMAL CONTANGO)

 

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COMEX DATA

 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today:  0/298

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,898.600000000 USD
INTENT DATE: 09/22/2020 DELIVERY DATE: 09/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 H RAND 1
435 H SCOTIA CAPITAL 7
624 C BOFA SECURITIES 1
657 C MORGAN STANLEY 1
657 H MORGAN STANLEY 297
661 H JP MORGAN 286
685 C RJ OBRIEN 1
709 H BARCLAYS 1
845 C GOLDMAN SACHS C 1
____________________________________________________________________________________________

TOTAL: 298 298
MONTH TO DATE: 4,707

issued:  0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 298 NOTICE(S) FOR 29,800 OZ  (0.9269 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  4707 NOTICES FOR 470700 OZ  (14.6406 tonnes)

 

SILVER

 

193 NOTICE(S) FILED TODAY FOR 965,000  OZ/

total number of notices filed so far this month: 10,901 for 54.505 MILLION oz

 

BITCOIN MORNING QUOTE  $10407  UP 166

 

BITCOIN AFTERNOON QUOTE.: $10653. UP 412

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $9.30AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?

 

GLD: 1,267.14 TONNES OF GOLD//

 

WITH SILVER UP  $.15  TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.

 

SLV: 553.443  MILLION OZ./

 

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Let us have a look at the data for today

 

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IN SILVER THE COMEX OI FELL BY A FAIR 837 CONTRACTS FROM 157,908 DOWN TO 157,071, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR HUGE $1.41 FALL IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE  LOSS IN COMEX OI IS  DUE TO  ZERO  SILVER SHORT COVERING..  COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL. WE ALSO HAD MINOR LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT DESPITE THE VICIOUS RAID.  WE HAD A SMALL NET LOSS IN OUR TWO EXCHANGES OF 237 CONTRACTS  (SEE CALCULATIONS BELOW).

 

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  600, AS WE HAD THE FOLLOWING ISSUANCE:  SEP 0;  DEC:  600, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  600 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM!

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